Belgium's multi-year budget plan deadline set for December 31

The European Commission has confirmed that Belgium can submit its multi-annual budget by the end of the year, a decision influenced by the ongoing delays in forming a new federal government. Bart De Wever, the federal formateur, had initially set September 20 as a target date for the government formation process, but this deadline was not met, prompting the request for an extension. The request for deferral was made to Alexia Bertrand, the Secretary of State for Budget in the outgoing government, highlighting the challenges faced by Belgium in meeting the European Union's budgetary requirements. The Commission had previously mandated that all Member States submit structural plans for their budgets by September 20, following recent reforms to the EU's budgetary rules. Belgium is not alone in seeking an extension; many other Member States have also requested additional time to finalize their budgetary plans. On the original deadline, only Denmark and Malta had completed their submissions, while 21 governments sought deferrals until the end of October. The Commission's acceptance of Belgium's request underscores the importance of these plans, especially for countries under excessive deficit procedures. For Belgium, the consolidation effort required could reach up to 28 billion euros, emphasizing the significant financial implications of this extension.